Got some money...invest it?

Biz.Kid09 · 24 Mar 2011 at 20:40

Ok,
I am 16 and been saving up since Day 1

and along the way having bought my pc, laptop, phones etc. I have decided i should do something with it. Now i have around 1200 in my savings account but i am thinking i should invest it into something or put it in a ISA account?

Anyone recommend any types of accounts etc i should use to get some use out of my money?

Dont say go on holiday etc please guys i already have a separate account for that

Paul11 · 24 Mar 2011 at 20:42

buy some silver

same thread here

http://forums.overclockers.co.uk/showthread.php?t=18255298

tntcoder · 24 Mar 2011 at 20:44

Premium Bonds for a few years, you will probably need it for Uni or something within the next few years.

Sherbs · 24 Mar 2011 at 20:45

ISAs are crap now days. If your looking to invest properly I would look into S&S.

Paul11 · 24 Mar 2011 at 20:46

tntcoder said:
Premium Bonds for a few years, you will probably need it for Uni or something within the next few years.

imo, total waste of time

the chances of winning even enough back to cover interest rises is minimal

Biz.Kid09 · 24 Mar 2011 at 20:47

Premium Bonds, that through the bank or?
Also if i need the money i am guessing that i cannot take the money out?
S&S...Can you explain this? I googled but it brought up hitler and nazi's

Paul11 · 24 Mar 2011 at 20:48

Biz.Kid09 said:
Premium Bonds, that through the bank or?
Also if i need the money i am guessing that i cannot take the money out?
S&S...Can you explain this? I googled but it brought up hitler and nazi's

premium bonds : here

http://www.nsandi.com/savings-premium-bonds

you can take your money out at any time

S&S = stocks and shares

you buy shares in a company and hopefully the company does well and the shares are worth more

Sherbs · 24 Mar 2011 at 20:49

Stocks and Shares =)

[TW]Fox · 24 Mar 2011 at 20:54

Good idea guys - a 16 year old comes on here with what sounds like his life savings and you all try and get him to buy silver or shares because you once saw on google that it was a great idea. Brilliant.

If you invest in commodities, stocks and shares you must do so whilst being aware that the value of your investment can go down as well up - in some circumstances you could lose everything. The risk is quite huge - there is no such thing as a safe bet - so advising a guy of his age does that sort of thing is ridiculous, frankly.

Pop it into a decent savings account - you probably wont earn enough money at the moment to be taxed on savings - and leave it there until you need it.

Alternatively, take the advice of the silver and share pushers, most of whom probably dont own a single share or a single ounce of silver themselves.

Derek W · 24 Mar 2011 at 20:54

good to see stocks and shares are recommended for 'investment' to make money......no mention of the possibility of the OP losing any money that he's saved so far :rolleyes:

pingwing · 24 Mar 2011 at 20:55

Premium bonds are a good laugh if you dont have the nerve for the stock market (should have gotten the RBS shares a few years ago but I want in the mood).

Takes a while for them to start paying out properly, over the last 9 months im on average getting 50 odd quid but its all random, but the odds are eventually you get a decent pay out

LeJosh · 24 Mar 2011 at 20:57

[TW]Fox;18745039 said:
Good idea guys - a 16 year old comes on here with what sounds like his life savings and you all try and get him to buy silver or shares because you once saw on google that it was a great idea. Brilliant.

If you invest in commodities, stocks and shares you must do so whilst being aware that the value of your investment can go down as well up - in some circumstances you could lose everything. The risk is quite huge - there is no such thing as a safe bet - so advising a guy of his age does that sort of thing is ridiculous, frankly.

Pop it into a decent savings account - you probably wont earn enough money at the moment to be taxed on savings - and leave it there until you need it.

Alternatively, take the advice of the silver and share pushers, most of whom probably dont own a single share or a single ounce of silver themselves.

Judging by his OP, pretty sure he knows what the risks are. If not then woe is me.

Edit - I would have hoped he did at least.

Biz.Kid09 · 24 Mar 2011 at 20:57

Paul11 said:
premium bonds : here

http://www.nsandi.com/savings-premium-bonds

you can take your money out at any time

S&S = stocks and shares

you buy shares in a company and hopefully the company does well and the shares are worth more

Thanks

[TW]Fox;18745039 said:
Good idea guys - a 16 year old comes on here with what sounds like his life savings and you all try and get him to buy silver or shares because you once saw on google that it was a great idea. Brilliant.

If you invest in commodities, stocks and shares you must do so whilst being aware that the value of your investment can go down as well up - in some circumstances you could lose everything. The risk is quite huge - there is no such thing as a safe bet - so advising a guy of his age does that sort of thing is ridiculous, frankly.

Pop it into a decent savings account - you probably wont earn enough money at the moment to be taxed on savings - and leave it there until you need it.

Alternatively, take the advice of the silver and share pushers, most of whom probably dont own a single share or a single ounce of silver themselves.

Thanks,
I hadn't really thought about it like that as much.
I guess it may just be best for now to keep it in my savings account.
Saying that i wouldnt mind risking a few hundred. Is there a minimum as to what you can spend on stocks and shares?

Beansprout · 24 Mar 2011 at 20:57

There's nothing inherently risky about investing in shares so long as you spread your investment between companies and don't get greedy.

But to all my friends who ask about buying shares, I tell them a) I won't help them and b) if they want to do it they should do their own research, know exactly what they're doing, and be able to afford to lose whatever they put in.

For a 16 year old I'd say premium bonds. I don't see the need for an ISA over a standard savings account unless he's paying tax although ISA interest rates are so shoddy with a low amount of cash in them that that could negate the tax benefit..

Sherbs · 24 Mar 2011 at 20:57

No sure fire way of investing money guys, otherwise everyone would be doing it.

What else can you invest in with decent ROI without the risk of losing money?

[TW]Fox · 24 Mar 2011 at 20:57

Premium Bonds are a waste of everyones time and money - don't bother. Premium bonds pay the same interest as any other savings account but it's basically pooled interest instead - the money you'd normally recieve as interest is instead kept and given out to the lucky few as 'prize' money. The average rate of return is below a conventional savings account.

Paul11 · 24 Mar 2011 at 20:58

[TW]Fox;18745039 said:
Good idea guys - a 16 year old comes on here with what sounds like his life savings and you all try and get him to buy silver or shares because you once saw on google that it was a great idea. Brilliant.

Alternatively, take the advice of the silver and share pushers, most of whom probably dont own a single share or a single ounce of silver themselves.

How on earth do you know what i know about silver, what research i have done or how much silver i own ?

amazing !

LeJosh · 24 Mar 2011 at 20:59

Biz.Kid09 said:
Thanks,
I hadn't really thought about it like that as much.
I guess it may just be best for now to keep it in my savings account.
Saying that i wouldnt mind risking a few hundred. Is there a minimum as to what you can spend on stocks and shares?

Investing takes a lot of research and patience and also a steel nerve.

I would recommend just keeping it in a good savings account.

Biz.Kid09 · 24 Mar 2011 at 21:01

Thanks guys,
I guess i will just keep it in my account for now then, At least until i start working then i will have some income i can risk.

[TW]Fox · 24 Mar 2011 at 21:01

Paul11 said:
How on earth do you know what i know about silver, what research i have done or how much silver i own ?

amazing !

I didn't actually claim to know how much you owned - I said probably - but whilst we are on the subject the fact you felt the best advice to give to a 16 year old who has scraped together 1200 quid is 'invest it in commodities lololol' doesn't inspire confidence.